Underwriting Training and Education Resources - Freddie …

1 January 2018 Underwriting Training and Education Resources This document lists the various Resources available in The Learning Center to help you with Underwriting and related topics. Each resource is marked with one of the following icons to identify the type of help provided: Live Webinar Tutorial Reference Tool user Guide Credit The 3 Cs of Underwriting Factors Used in Freddie Mac's Automated Underwriting Assessment. Quick information about credit, capacity, and collateral, and how they factor in the overall Loan Product Advisor assessment. How to Use the Loan Product Advisor Documentation Matrix. Shows how to use this resource to understand the documentation requirements needed to support your lending decision for Conventional mortgages. Loan Product Advisor Documentation Matrix. Specifies the documentation requirements for borrowers, including helpful Underwriting reminders.

2 Mortgages for Borrowers without Credit Scores. An overview of the Loan Product Advisor no credit score capability, including eligibility requirements. Selection and Use of Credit Scores . Guidance on selecting and using credit scores for manually underwritten mortgages. Underwriting Reminders for Loan Product Advisor Caution Risk Class Mortgages . Helpful reminders for Underwriting credit and capacity for mortgages receiving a Caution risk class from Loan Product Advisor. Income and Assets Assets and Acceptable Sources of Funds. A review of Freddie Mac requirements and guidelines for asset calculations, as well as documentation to help ensure that borrowers have acceptable and sufficient funds. Form 90: Verbal Verification of Employment. A form to use when completing a verbal verification of employment (VOE) for your borrowers. Form 91: Income Calculations.

3 A form to document the calculation of a self-employed borrower s income. Form 92: Net Rental Income Calculations. Schedule E. A form to document the calculation of net rental income from Schedule E. Freddie Mac Rental Income Matrix. A summary of Freddie Mac requirements for including rental income as qualifying income. Introduction to Self Employed Borrower. Information for completing an analysis of a self-employed borrower, with a focus on the sole proprietor. Underwriting Income and Employment. A review of Freddie Mac requirements and guidelines for the analysis, verification, calculation and determination of stable monthly income. Covers employed income, additional income and other income sources, including assets as a basis for mortgage qualification. Collateral Appraisal Review Reminders . Reminders to help you determine if appraisal and inspection reports are accurate and acceptable for loans you plan to sell to Freddie Mac.

4 Automated Collateral Evaluation. Information on determining eligibility for automated collateral evaluation. Automated Collateral Evaluation clip. An overview of Loan Product Advisor s automated collateral evaluation. January 2018 Page 2 Underwriting Training and Education Resources Collateral Representation and Warranty Relief with an Appraisal: Overview.. Details the requirements to receive relief from collateral representations and warranties, along with information about how to take advantage of this offering. Components of an Effective Appraisal Management Process. A discussion of Freddie Mac s expectations for an effective appraisal management process, including best practices on choosing qualified appraisers and appraisal management companies, and managing appraisal quality and reviews. Condominium Project Eligibility Requirements.

5 A high-level overview of Freddie Mac's requirements for reviewing condominium projects and general project eligibility. Construction Conversion and Renovation Mortgages. Information on how to structure the transaction, how to calculate the value ratio's and the requirements involved when delivering the permanent mortgage that replaces the interim construction financing. Construction Conversion and Renovation Mortgages. An eligibility chart to help process, underwrite, and deliver Construction Conversion and Renovation Mortgages to Freddie Mac. Freddie Mac Collateral Representation and Warranty Relief Overview clip. Information on using the Loan Advisor Suite , including Loan Product Advisor, for determining eligibility for collateral rep and warranty relief. Freddie Mac Condominium Unit Mortgages. A summary of general condominium project eligibility requirements, ineligible properties, review requirements by condominium project type, and more.

6 Market Conditions Addendum Form. A section-by-section look at the Market Conditions Addendum (Fannie Mae Form 1004MC, Freddie Mac Form 71) to help you understand and recognize the sources of information necessary to analyze market conditions. Manufactured Homes Underwriting Reminders . A quick reference to help determine if a mortgage secured by a manufactured home is eligible for sale to Freddie Mac. Mortgages Secured by Manufactured Homes. A look at the requirements for selling manufactured home mortgages to Freddie Mac, including eligible transactions and mortgages available for manufactured homes. Paths to Collateral Representation and Warranty Relief. Describes the two paths to collateral representation and warranty relief as well as how eligibility can be traced through the Loan Advisor Suite. Reminders for Uploading Appraisal Data Files to the Uniform Collateral Data Portal (UCDP ).

7 Reminders, scenarios, and UCDP screen information to assist you in determining how and when appraisal data files should be uploaded to the UCDP. Reviewing Rural Properties. A focus on better identifying residential properties versus non-residential properties in rural locations, as well as a review of case studies and tips to assist in determining if a particular rural property is eligible for sale to Freddie Mac. Using the UCDP. The first of three tutorials providing information related to the use of the UCDP, including an overview of UCDP and the general user registration process. Submitting Appraisal Data Files to the UCDP. The second of three tutorials providing information related to the use of UCDP, including information on submitting appraisal data files. Uniform Appraisal Dataset (UAD) Interactive Reference Manual. An introduction to the UAD, including a discussion of each field on the URAR.

8 UCDP Appraisal Sharing Functionality. The third of three tutorials focused on the UCDP Appraisal Sharing solution. UCDP Appraisal Sharing Job Aid for Aggregators. Information for aggregators on using the new appraisal-sharing solution within UCDP. UCDP Appraisal Sharing Job Aid for Correspondents. Information for correspondents on using the appraisal-sharing solution within UCDP. Uniform Collateral Data Portal Proprietary Feedback Messages. Information about the Freddie Mac-specific appraisal messages in the UCDP. January 2018 Page 3 Underwriting Training and Education Resources Uniform Collateral Data Portal (UCDP) Appraisal Sharing user Guide . Step-by-step information for correspondent lenders, their authorized lender agents, and aggregator lenders who plan to use the appraisal sharing capabilities of UCDP. Uniform Collateral Data Portal (UCDP) general user Guide.

9 Instructions for general users on the basic functionality of UCDP, including accessing the portal, submitting appraisals, searching for appraisals, and generating reports. Uniform Collateral Data Portal (UCDP) Lender Agent Admin user Guide. Detailed information for each lender agent's designated UCDP administrator, where a lender agent is a third-party entity that can upload appraisals to UCDP on behalf of a lender. A five-part series that guides the lender admin through completing administrative tasks in UCDP, where the lender admin sets up and manages the business structure within the portal, including access privileges of other users: 1 - Lender Admin Registration 2 - Managing Business Units 3 - Managing Users 4 - Managing Lender Agents 5 - Managing Aggregator Profile Using the Uniform Appraisal Dataset. An overview of the UAD focusing on standardizing appraisal terms, ratings, and descriptions pertaining to UAD.

10 Understanding UCDP Proprietary Risk Score Messages. Information on using the proprietary risk scores and findings returned in UCDP. Mortgage Insurance Mortgage Insurance Coverage Options Matrix . A chart of eligibility requirements and distinctions for Standard and Custom Mortgage Insurance (MI). Mortgage Insurance Financing Matrix . Eligibility requirements for Financed MI and Lender-Paid MI. This document is not a replacement or substitute for the information found in the Freddie Mac Single-Family Seller/Servicer Guide and/or terms of your Master Agreement and/or other Pricing Identifier Terms. 2018 Freddie Mac